Month: June 2011
NC 529 Plan Income Tax Deduction Continues
The North Carolina General Assembly recently passed legislation that preserves the deduction on NC 529 College Savings Plan contributions for all North Carolina taxpayers,…
Today is the Deadline for Foreign Account Reporting
From IR-2011-70: WASHINGTON — The Internal Revenue Service today reminds everyone who has a bank or other financial account in a foreign country,…
Summary of Obama’s 2013 Budget Proposal for Estate and Gift Taxes
A June 22, 2011 article on Trusts and Estates magazine’s website contains a nice summary of President Obama’s budget proposal measures effecting estate planning….
4th Circuit Upholds Two-Year Innocent Spouse Limitation Period
The U.S. Fourth Circuit Court of Appeals, under whose jurisdiction North Carolina falls, overruled a Tax Court decision and upheld a Treasury…
IRS Mileage Rate Increased to 55.5 Cents per Mile
From Announcement 2011-40: WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six…
How to Avoid Investment Fraud
As an estate planning attorney and Certified Financial Planner, much of what I do is help people protect and grow their assets….
Tax Implications of Sale of Residence Upon Divorce
For many people, the federal home sale gain exclusion is the single most valuable tax break available. But if you’re getting divorced…
An Apology from the IRS!
While it’s certainly not uncommon for taxpayers or tax preparers to make mistakes on tax returns, the IRS can also screw up,…
NC Court Costs May Increase
If the pending appropriations bill in the North Carolina General Assembly passes and is signed into law by Governor Perdue, the filing…
